Senate Democrats plan to draft a budget blueprint that calls for significantly higher taxes on the wealthy, oil and gas companies and corporations doing business overseas, reopening a battle over taxes Republicans had hoped to lay to rest with the “fiscal cliff.”
For nearly four years, Senate leaders have ducked their legal duty to craft a comprehensive budget framework. Now, however, Democrats see the budget process as “a great opportunity” to pursue additional tax increases — and to create a fast-track process to push them through the Senate, Sen. Charles E. Schumer (D-N.Y.) said Sunday on NBC’s “Meet the Press.”
“There’s going to have to be some spending cuts, and those will be negotiated,” Schumer, the No. 3 Democrat in the Senate, said in an interview after the show. “But doing a budget is the best way for us to get revenues.”
The announcement comes days after House Republicans offered to forgo a potentially damaging clash over the federal debt limit, saying they would vote this week to permit the government to continue borrowing through mid-April. In return, House leaders demanded that the Senate revive the traditional budget process, by which the two chambers adopt their own blueprints and work out differences in conference committee.
With the offer, the GOP backed off its hard-line stance that any increase in the debt limit be paired with spending cuts of equal size — “a major victory for the president,” Schumer said.
CONTINUED at the Washington Post.